New London Phil's Blog

NO SLOW DOWN FOR NOVEMBER & DECEMBER

PHILIP TURNER-MORTGAGE BANKER SINCE 1980 (MCCUE MORTGAGE COMPANY) — Sun, 29 Nov 2009 11:12:42 -0600

This past week has brought lower interest rates in the mortgage business. All rates are below 5% for a 30 year fixed rate mortgage. We saw these rates for a brief period in the spring and then they went up again.

With the extension/expansion of the tax credit for home buyers, this lowering of the rates brings us another reason to think about buying or selling a home. With the tax credit, more reasonable house prices and very low rates, home buyers have three fantastic reasons to come into the market.

November and December are supposed to be slow months. 2009 should see a reversal of that trend. All of us at McCue Mortgage Company hope to see you in the marketplace.

We have 153 days to go until the April 30th deadline for real estate contracts to be signed by all parties if a buyer wants to be eligible for the tax credit. It will go by quickly. (23 days have already gone past since the bill was signed by our president.)

WOW - HAVE YOU SEEN THE CHFA RATE?

PHILIP TURNER-MORTGAGE BANKER SINCE 1980 (MCCUE MORTGAGE COMPANY) — Fri, 27 Nov 2009 08:27:03 -0600

The Connecticut Housing Finance Authority (www.chfa.org) has been in business in Connecticut since 1969. This makes 40 years that they have been providing below market interest rates to primarily first time home buyers.

Their rate is set every Thursday at Noon. Last week and this week they have set their rate at 4.375% with 1 point for a 30 year fixed rate mortgage loan.

I have been involved in originating CHFA mortgage loans at McCue Mortgage Company in New London, CT since 1980. The rate has never been this low. It has been at 4.625% and 4.75% a few times this year but this is a new low.

With the extension of the up to $8,000.00 tax credit and the much more reasonable house prices, CHFA has just provided one more reason to buy a home now.

Also, if you purchase a home in a CHFA Target Area (all of New London, parts of Norwich, Groton and Windham in eastern CT) the rate is lowered to 4.125% with 1 point. The Target Area program allows you to be a previous home owner and still take advantage of the CHFA program.

It doesn't get much better than this.

COULD YOU IMAGINE?

PHILIP TURNER-MORTGAGE BANKER SINCE 1980 (MCCUE MORTGAGE COMPANY) — Thu, 26 Nov 2009 16:31:21 -0600

Can you imagine what this Thanksgiving holiday weekend would have been like if the up to $8,000.00 tax credit had not been extended?

As a mortgage banker we worked with a large number of people who were buying now strictly because of the tax credit. They all would have needed to close by Monday 11/30/2009 if the exetnsion was not granted.

This nice relaxing Thanksgiving weekend would have been very busy. We made every effort to have our clients still close by 11/30 if they wanted to do so, but the pressure dropped off dramatically as soon as the president signed the bill extending and expanding the tax credit.

The two tiered approach with contracts having to be signed by the end of April and closing having to take place by the end of June, should take the pressure off in the spring.

I hope you enjoy the holiday weekend as much as we are going to. Happy Thanksgiving.

CONSIDER DONATING BLOOD

PHILIP TURNER-MORTGAGE BANKER SINCE 1980 (MCCUE MORTGAGE COMPANY) — Wed, 25 Nov 2009 19:03:58 -0600

In Connecticut, the Red Cross holds Bloodmobiles throughout the state in order to make sure that there is a sufficient blood supply in case any of us need it.

I have given just over 3 gallons of blood, one pint at a time of course. My Dad had donated over 15 gallons during his lifetime. I have a ways to go to catch up with him. The Red Cross allows you to donate blood every 8 weeks.

This Friday there is a Bloodmobile at Lawrence & Memorial Hospital in New London from Noon until 5:00 PM. It seems like a much better way to spend part of your day compared to rushing around with the Black Friday crowd.

Visit www.ctredcross.org for more information on Bloodmobiles near you.

Hope to see you at Lawrence & Memorial Hospital this Friday.

Happy Thanksgiving

THANKSGIVING QUESTIONS

PHILIP TURNER-MORTGAGE BANKER SINCE 1980 (MCCUE MORTGAGE COMPANY) — Wed, 25 Nov 2009 17:46:55 -0600

1. What is a male turkey called?

2. When was the first Thanksgiving?

3. What Native American tribe celebrated the first Thanksgiving with the pilgrims?

4. What percentage of Americans eat Turkey on Thanksgiving?

5. Where was the first Thanksgiving enjoyed?

6. What day does Thanksgiving fall on each year?

Happy Thanksgiving from all of us at McCue Mortgage Company.

NEW LONDON CONNECTICUT NATIONAL REGISTER HISTORIC DISTRICT

PHILIP TURNER-MORTGAGE BANKER SINCE 1980 (MCCUE MORTGAGE COMPANY) — Tue, 24 Nov 2009 22:06:23 -0600

HOLIDAY WALKING TOUR

Holiday Walking Tour
Sunday, December 27, 2009
2:00 PM
Tour begins at St. James Episcopal Church
at the corner of Federal and Huntington Streets

This tour in downtown New London celebrates the beauty of 8 historic churches in the district. Each church will host a tour of their building. Highlights include: the main sanctuary, its history, items of interest, historic activities, and current maintenance challeges.

Reservations Recomended-$15.00

GO TO: www.newlondonlandmarks.org for more information and to purchase tickets for this tour.

1-800-BUTTERBALL

PHILIP TURNER-MORTGAGE BANKER SINCE 1980 (MCCUE MORTGAGE COMPANY) — Tue, 24 Nov 2009 21:52:30 -0600

Just in case you are getting frustrated on how to cook that turkey for Thanksgiving here is the best solution:

Call 1-800-BUTTERBALL. Over 3,500,000 people have taken advantage of this free hotline to answer all of your questions about preparing that turkey since Butterball Turkeys set up this hotline a number of years ago.

Happy Thanksgiving to everyone. Please enjoy the holiday.

60th YEAR OF MCCUE MORTGAGE COMPANY

PHILIP TURNER-MORTGAGE BANKER SINCE 1980 (MCCUE MORTGAGE COMPANY) — Sun, 22 Nov 2009 15:19:20 -0600

This month begins the 60th year of McCue Mortgage Company as a mortgage banking firm here in Connecticut.

I have taken a page from our website www.mccuemortgage.com that gives a brief history of the firm. As the year progresses I will share what we are doing to celebrate this milestone. As you can imagine there will be a lot of information to share.

We look forward to helping many more clients in the years to come.

"The McCue Mortgage Company was founded in 1949 by William D. McCue. During the 1950s, the company became well established in correspondent relationships with John Hancock Mutual Life Insurance Company and New York Life Insurance Company. McCue Mortgage served as a seller and servicer for these two insurance giants.

In the early 1960s, the life insurance companies withdrew from residential mortgage investing and The McCue Mortgage Company moved into the area of specialized FHA insured lending and multifamily subsidized loans under the National Housing Act. The company continued to involve itself in these specialized lending programs through the 1960s and 1970s.

In 1974, McCue Mortgage became a seller and servicer for The Connecticut Housing Finance Authority. Since then, McCue Mortgage has dominated this market in Connecticut.

In 1983, McCue Mortgage expanded its portfolio of loans offered to include conventional financing. This action proved beneficial as conventional lending now represents a significant percentage of the loans produced at McCue.

Since the 1990s, McCue Mortgage has been positioned to help buyers at every level of the home-financing spectrum, from first time homebuyers to those purchasing their dream home, with a commitment to provide the best service possible. Since 1994, McCue Mortgage has been actively purchasing mortgage loans on a correspondent basis."

It has been a great run thus far and we intend to help many more clients with their home financing needs.

UCONN Beats NOTRE DAME

PHILIP TURNER-MORTGAGE BANKER SINCE 1980 (MCCUE MORTGAGE COMPANY) — Sat, 21 Nov 2009 19:36:28 -0600

As a longtime Pitt alum and fan but also a Connecticut resident, it was great to see UCONN beat Notre Dame in football today. Pitt and Notre Dame have played each other for years but I believe this was the first time that UCONN played Notre Dame and in South Bend also.

To see UCONN beat Notre Dame in two overtimes was just the best.

Now Pitt just needs to beat West Virginia this coming Friday and I'll be really happy.

Life is good.

FHA CONDOMINIUM APPROVALS/RECERTIFICATION

PHILIP TURNER-MORTGAGE BANKER SINCE 1980 (MCCUE MORTGAGE COMPANY) — Fri, 20 Nov 2009 21:09:33 -0600

If you own a condominium or have a listing in a condominium project and the complex was FHA approved before October 1, 2008, please note that you will need to obtain a FHA certification of the complex again.

The FHA recertification will be valid for two years from its issue date. This is being done due toi the fact that a complex may have been approved 10-20 years ago and other than confirming the complex is at least 51% owner-occupied, FHA has not reviewed budgets, insurance, reserve balances or anything else to do with the condo since it was approved.

This will cause a lot of work for condo associations, management companies, Realtors and mortgage lenders but it will allow FHA to review the current status of a complex. If you are thinking about selling a condo or if you are listing a condo please contact us to help you with this process.

Now is probably the best time to do this. As more and more people become aware of these new guidelines it will be getting very busy working towards accomplishing these recertifications.

At McCue Mortgage Company we will be happy to help you.

FHA SPOT APPROVALS - EXTENDED AGAIN

PHILIP TURNER-MORTGAGE BANKER SINCE 1980 (MCCUE MORTGAGE COMPANY) — Fri, 20 Nov 2009 20:55:49 -0600

HUD/FHA has extended the Spot Approval for condominiums again. All through this fall we kept hearing that Spot Approvals of condominiums will be coming to an end.

We just were informed today that the moratorium on Spot Approvals will now kick in on February 1, 2010.

This will mean that as of February 1, 2010 a condominium project will have to have an approval of the condominium project itself rather tha just one individual unit.

At McCue Mortgage we look forward to helping condominium associations, management companies, Realtors or condo buyers obtain the full project approval. Please contact us for details on what is needed to accomplish this.

Please keep in mind that approximately 75% of the existing condominium projects have the full approval already. The condos impacted by this change have not obtained a full approval in the past.

If you are just listing a condominium now, please check to see what the FHA status is. This is a great time to start working on the full project approval. Don't miss out on FHA buyers for your listing.

CHFA CONDOMINIUM LIST UPDATE

PHILIP TURNER-MORTGAGE BANKER SINCE 1980 (MCCUE MORTGAGE COMPANY) — Fri, 20 Nov 2009 20:32:06 -0600

The Connecticut Housing Finance Authority (www.chfa.org) has recently updated the way that they look at condominium projects. Until recently a condominium project had to be reviewed by CHFA and added to their Approved Condominium list.

Now, if a condominium does not appear on CHFA's list, you just need to see if it is on the VA or FHA approved list. If that is the case then you can regsiter the loan with CHFA and just tell CHFA that the condominium is on the FHA or VA list.

This will make it easier to obtain CHFA financing which is usually for first time buyers. One less approval of a condominium will save everyone time, effort, paper costs and postage.

Thank you to CHFA for making this positive move.

DO WE REALLY HAVE 164 DAYS TO GO? ----- UPDATE

PHILIP TURNER-MORTGAGE BANKER SINCE 1980 (MCCUE MORTGAGE COMPANY) — Fri, 20 Nov 2009 20:15:52 -0600

Three days ago I posted the following:

As of today, April 30th is 164 days away. April 30th is the last day that a Purchase and Sales Agreement may be signed by all parties to take advantage of the federal tax credit for home buyers.

Out of those 164 days we need to subtract out days that most of us do not work - Let's see what is ahead of us:

Thanksgiving

Christmas

New Years Day

Birthday of Martin Luther King, Jr.

Presidents Day

Super Bowl Sunday

March Madness

Start adding in school vacations, days off, sick days, St. Patricks Day, Valentines Day, etc. and all of a sudden the 164 days is shrinking fast. Can you think of any I have missed?

Let's get moving on spreading the word about the tax credit for home buyers. What are you doing to get the word out?

As of today we are down to 161 days and Linda Davis reminded me that I forgot April Fool's Day. I also forgot Groundhog Day. How could I forget? The groundhog in Punxutawney, PA is named PHIL (www.groundhog.org)

DO WE REALLY HAVE 164 DAYS TO GO?

PHILIP TURNER-MORTGAGE BANKER SINCE 1980 (MCCUE MORTGAGE COMPANY) — Tue, 17 Nov 2009 20:24:39 -0600

As of today, April 30th is 164 days away. April 30th is the last day that a Purchase and Sales Agreement may be signed by all parties to take advantage of the federal tax credit for home buyers.

Out of those 164 days we need to subtract out days that most of us do not work - Let's see what is ahead of us:

Thanksgiving

Christmas

New Years Day

Birthday of Martin Luther King, Jr.

Presidents Day

Super Bowl Sunday

March Madness

Start adding in school vacations, days off, sick days, St. Patricks Day, Valentines Day, etc. and all of a sudden the 164 days is shrinking fast. Can you think of any I have missed?

Let's get moving on spreading the word about the tax credit for home buyers. What are you doing to get the word out?

164 DAYS TO GO !!! THE CLOCK IS TICKING.

PHILIP TURNER-MORTGAGE BANKER SINCE 1980 (MCCUE MORTGAGE COMPANY) — Tue, 17 Nov 2009 19:51:08 -0600

I know it sounds like 164 days is a long time. As of today, 164 days is how long homebuyers have to take advantage of the Tax Credit Extension and Expansion. As has been mentioned in almost every media source potential home buyers may be eligible to take advantage of the up to $8,000.00 tax credit for first time homebuyers and the up to $6,500.00 tax credit for current homeowners. The critical date for everyone to be focused on is April 30, 2010. That is the final date that a real estate purchase and sales agreement can be signed by all parties to the real estate transaction.

164 days is not that long to sell one house and buy another if that is what you want to do. We need to point this out to everyone we meet who is thinking about taking advantage of the tax credit. What are you doing to get the word out?

DO YOU HEAR A WINDOW SLAMMING SHUT?

PHILIP TURNER-MORTGAGE BANKER SINCE 1980 (MCCUE MORTGAGE COMPANY) — Tue, 17 Nov 2009 19:38:52 -0600

There has been a lot written about the extension and expansion of the tax credit for homebuyers.

Let's look at the time line for the potential buyers who intend to sell their present home and buy something else. Do they really have that much time?

Today is November 17th. If a current homeowner decides to sell a home that they have lived in as a primary residence for five consecutive years in the last eight years, let's assume that it will take some time to sell the property. How long are houses on the market where you do business?

Their buyer in most cases will need to arrange for financing. How long will that take?

The current homeowner ventures out into the marketplace to find a new home. How long will that take?

Those same people will probably need to arrange for their mortgage financing. How long will that take?

When you start adding up the different time frames for each part of the sale and the new purchase, it seems like this window of opportunity may slam shut faster than most people expect.

As of today we have 164 days until the signed purchase and sales agreements need to be signed by all parties to a real estate transaction to make someone eligible for the federal tax credit. It seems like we should be getting the word out there loud and clear.

What do you think?

TAX CREDIT FOR HOMEBUYERS

PHILIP TURNER-MORTGAGE BANKER SINCE 1980 (MCCUE MORTGAGE COMPANY) — Sat, 14 Nov 2009 16:51:56 -0600

Please visit www.mccuemortgage.com for up to date information on the extension and expansion of the federal tax credit for homebuyers.

When you go to McCue Mortgage Company's home page click on the box that says HOMEBUYER TAX CREDIT - click here for more information. It is outlined in red.

There is lots of good, accurate information about the extended/expanded tax credit program. I hope that you will find this to be helpful.

UCONN BASKETBALL

PHILIP TURNER-MORTGAGE BANKER SINCE 1980 (MCCUE MORTGAGE COMPANY) — Sat, 14 Nov 2009 15:22:00 -0600

The UCONN Men's and Women's Basketball teams are off and running again. Both teams won their first games of the 2009-2010 season. In UCONN country this is always expected, but is is good to have these first games behind them. The teams have a long way to go until March Madness but it should be another good year for both teams. Enjoy the season.

PRIDE OF PLACE - STATE STREET, NEW LONDON, CONNECTICUT

PHILIP TURNER-MORTGAGE BANKER SINCE 1980 (MCCUE MORTGAGE COMPANY) — Sat, 14 Nov 2009 14:21:26 -0600

There is some really fascinating architecture on State Street in New London Connecticut. The new booklet called Pride of Place: State Street, New London, CT provides information about the transformation of State Street from a residential to a commercial street. There are many significant buildings on State Street designed by renowned architects of the 19th and 20th century.

The booklet is available from New London Landmarks, 49 Washington Street, New London, CT 06320 for $5.00. Visit www.newlondonlandmarks.org or call (860) 442-0003 for more information.

VENTURE OUT INTO THE MARKET

PHILIP TURNER-MORTGAGE BANKER SINCE 1980 (MCCUE MORTGAGE COMPANY) — Sat, 14 Nov 2009 13:35:42 -0600

What a great opportunity exists in the real estate market for homebuyers. Rates continue to stay down. Conventional rates are in the high 4's - low 5's for 30 Year Fixed Rate Mortgage Loans. CHFA (Connecticut Housing Finance Authority) offers their 30 Year Fixed Rate Mortgage Loans at 4.625% with 1 point and in some cases even as low as 4.375% with 1 point.

Home prices are much more affordable than 1 year ago and the tax credit program for homebuyers has been extended and expanded. Up to $8,000.00 is available to most first time homebuyers and up to $6,500.00 is available for home buyers who have owned and enjoyed their present home as their primary residence for 5 of the last 8 years.

The standard mortgage programs - VA, FHA, CHFA, Rural Development and Conventional are still readily available to prospective homebuyers.

IT'S TIME to venture into the market to see what's available to you. McCue Mortgage, a Connecticut based mortgage banking firm is more than willing to help you.

TROLLEY BOOTH DEDICATION TODAY

PHILIP TURNER-MORTGAGE BANKER SINCE 1980 (MCCUE MORTGAGE COMPANY) — Wed, 04 Nov 2009 21:01:40 -0600

The Trolley Booth serves as the Visitor's Center in New London, Connecticut. A rededication took place today to celebrate and thank the people who just helped redo the area around the Trolley Booth with new walkways, plantings, stairs and seating. This was a joint effort of the New London Rotary Club, the New London Public Works Department, The Frank Loomis Palmer Fund, The Bodenwein Benevolent Foundation and The Chester Kitchings Family Foundation.

It looks great and inside there is a lot of great information about sights to see in the New London community.

COLD VS. H1N1 FLU

PHILIP TURNER-MORTGAGE BANKER SINCE 1980 (MCCUE MORTGAGE COMPANY) — Sat, 31 Oct 2009 16:09:53 -0500

This was just shared with me by a fellow New London Connecticut Rotarian, Steve Percy. It is worth reading.

Know the Difference between a Cold and H1N1 Flu Symptoms

Symptom	Cold	H1N1 Flu
Fever	Fever is rare with a cold.	Fever is usually present with the flu in up to 80% of all flu cases. A temperature of 100°F or higher for 3 to 4 days is associated with the H1N1 flu.
Coughing	A hacking, productive (mucus- producing) cough is often present with a cold.	A non-productive (non-mucus producing) cough is usually present with the H1N1 flu (sometimes referred to as dry cough).
Aches	Slight body aches and pains can be part of a cold.	Severe aches and pains are common with the H1N1 flu.
Stuffy Nose	Stuffy nose is commonly present with a cold and typically resolves spontaneously within a week.	Stuffy nose is not commonly present with the H1N1 flu.
Chills	Chills are uncommon with a cold.	60% of people who have the H1N1 flu experience chills.
Tiredness	Tiredness is fairly mild with a cold.	Tiredness is moderate to severe with the H1N1 flu.
Sneezing	Sneezing is commonly present with a cold.	Sneezing is not common with the H1N1 flu.
Sudden Symptoms	Cold symptoms tend to develop over a few days.	The H1N1 flu has a rapid onset within 3-6 hours. The flu hits hard and includes sudden symptoms like high fever, aches and pains.
Headache	A headache is fairly uncommon with a cold.	A headache is very common with the H1N1 flu, present in 80% of flu cases.
Sore Throat	Sore throat is commonly present with a cold.	Sore throat is not commonly present with the H1N1 flu.
Chest Discomfort	Chest discomfort is mild to moderate with a cold.	Chest discomfort is often severe with the H1N1 flu.

The only way to stop the spread of the epidemic is to spread the awareness.

Please share this with as many people as possible.

Veterans Day Program - New London, Connecticut

PHILIP TURNER-MORTGAGE BANKER SINCE 1980 (MCCUE MORTGAGE COMPANY) — Sat, 31 Oct 2009 07:57:53 -0500

Veterans Day will be celebrated by the New London Rotary Club at their November 12th meeting at the Radisson Hotel in New London.

The presentation of colors will take place at 12:50 PM. The National Anthem will be sung and the US Coast Guard Academy cadets will sing a series of patriotic songs. The Service Person of the Month will be recognized and the Coast Guard Choir will lead the singing of a military song medley and God Bless America. A blessing, the playing of taps and and introduction by Rotarian Steve Percy will also take place.

If you will be in New London and want to join me at this Veterans Day Program please contact me by phone or e-mail. The meeting starts at at 12:15 PM and finishes promptly at 1:30 PM. Hope to see you there.

TAX Credit Update 10/30/2009

PHILIP TURNER-MORTGAGE BANKER SINCE 1980 (MCCUE MORTGAGE COMPANY) — Fri, 30 Oct 2009 22:32:37 -0500

This is the latest that we have heard at McCue Mortgage Company:

Tax Credit Proposal Could Be Finalized Next week

The tax credit proposal has been included in the unemployment extension bill. We understand that it will be considered by the Senate early next week. The provision would still have to be passed by the House.

Below are the details of the new tax credit program.

· First-time homebuyers will continue at $8,000

· Tax credit for "move up" purchasers will be up to $6,500

o Must have used previous home as a principal residence for 5 of the 8 previous years.

· Income limits increased and are the same for first-time and "move up" purchasers: $125,000 for single filers/$225,000 for joint filers

· Limitation on eligible home prices has been increased to $800,000

· Time Frame: December 1, 2009 to April 30, 2010 plus 60 day extension if binding contract is in place by April 30, 2010

· Anti-fraud measures have been added

As you can see, there is still a ways to go until this is official. There have been a lot of rumors flying.

Hopefully we'll have more details soon.

Great Year for Pittsburgh Sports

PHILIP TURNER-MORTGAGE BANKER SINCE 1980 (MCCUE MORTGAGE COMPANY) — Sun, 18 Oct 2009 15:20:47 -0500

The Steelers just beat the Browns a few minutes ago - good news for a gloomy afternoon in rainy Connecticut.

The University of Pittsburgh Panthers just moved up to 19th or 20th in national rankings depending on the poll you read. They were not in the top 25 last week.

The Steelers won the last Super Bowl last winter

The Pittsburgh Penguins won the Stanley Cup for 2009.

If you are a Pitsburgh fan it does not get much better than this. (Maybe the Pirates will start winning also)

Let's keep it going !!!